According to the Department of Registrar of Companies and Official Receiver in Cyprus, the number of company registration applications increased significantly in July 2017 reaching February 2013 levels. The number of company registrations is indeed a performance indicator of the business service sector.
The number of applications for new company registrations increased by 1.24% to 1,304 in July 2017, compared to 1,288 in 2016 and marked a significant increase of 36.1% compared to the previous month, becoming the third month in the past four years when the number of applications exceeded 1,300.
Also, the number of requests in the first seven months of 2017 remained at 7,750, marking an increase of 1.2%, compared to the 7,654 in the same period last year. The Registrar of companies stated that ‘the number of applications for company names rose last month by 5.1% to 2,359 and 2.3% in January to July to 16,027 compared to the respective period last year’.
The department also said that the number of certified copies issued dropped in July an annual 1.2% and rose 3.4% in the first seven months of the year to 25,016 and 185,866 respectively.
The Registrar’s figures also showed increased interest in registering foreign companies in Cyprus. The new registrations of foreign companies rose to 60 in the first seven months, while they stood at 62 throughout the year 2016.